TRF LIMITED
	A TATA  Enterprise
	INDIA'S LEADING AND MOST COMPREHENSIVE SOURCE FOR MINI BLAST FURNACES, PORT, YARD  AND BULK MATERIAL HANDLING EQUIPMENT AND SYSTEMS
	AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2005
							Rs. in lakhs
			Nine months
			ended	Quarter ended		Year ended
	Sl.		Dec.31, 2004	March 31, 2005	March 31, 2004	March  31, 2005	March  31, 2004
	No.	Particulars	(unaudited)	(unaudited)	(unaudited)	(Audited)	(Audited)
	1.	Net Sales/Income from Operations	13445.21	6561.05	9449.04	20006.26	17343.81
	2.	Other Income	64.64	97.95	29.05	162.59	116.63
	3.	TOTAL INCOME		#REF!	#REF!
	3.	Total Income	13509.85	6659.00	9478.09	20168.85	17460.44
	4.	Expenditure
		a) ( Increase) / decrease in stock in trade	(596.04)	539.93	2064.01	(56.11)	346.50
		b)  (i)  Consumption of raw materials	8071.89	3240.61	4295.68	11312.50	8947.27
		(ii) Payment to sub-contractors	2263.88	1153.36	1173.35	3417.24	2928.80
		c)  Staff Cost	1515.89	558.70	569.21	2074.59	1956.95
		d)  Operations, administration and selling expenses	1599.53	576.49	849.88	2176.02	2194.41
		e) Total expenditure ( 4a to 4d)	12855.15	6069.09	8952.13	18924.24	16373.93
	5.	Profit/(Loss) before Interest, Depreciation, Exceptional / Extraordinary Items and Tax	654.70	589.91	525.96	1244.61	1086.51
				#REF!	#REF!
	6.	Interest	292.22	118.85	64.86	411.07	211.97
	7.	Profit/(Loss) before Depreciation, Exceptional / Extraordinary Items and Tax	362.48	471.06	461.10	833.54	874.54
				#REF!	#REF!
	8.	Depreciation	105.19	34.40	34.65	139.59	151.90
	9.	Profit/ (Loss)  before Exceptional / Extraordinary Items and Tax	257.29	436.66	426.45	693.95	722.64
	10.	Exceptional / Extraordinary Items [ Gain/ ( Loss) ]
		(a) Employees Separation Compensation
		(i) for 4th quarter	0.00	(46.16)	0.00	(46.16)	(46.16)
		(ii) for previous quarters	(147.34)	0.00	(147.34)	(147.34)	(147.34)
		(a) Employees Separation Compensation	(25.21)	(8.40)	(39.51)	(33.61)	(193.50)
		b) Net Income from sale of Investment	-	-	-	-	0.30
		c) Total of Exceptional / Extraordinary Items ( 10a to 10b )	(25.21)	(8.40)	(39.51)	(33.61)	(193.20)
	11.	Profit/ (Loss) before Tax	232.08	428.26	386.94	660.34	529.44
	12.	Provision for Tax	103.24	149.76	147.49	253.00	274.00
	13.	Provision for Deferred Taxation	(1.78)	12.64	(13.80)	10.86	(76.63)
	14.	Profit/(Loss) after Tax	130.62	265.86	253.25	396.48	332.07
	15.	Add. Amount brought forward from previous year				177.83	82.14
	16.	Disposable Profit				574.31	414.21
		Appropriations
		(a) Dividend				165.07	143.06
		(b) Tax on dividend				23.15	18.33
		(c) General Reserve				150.00	75.00
	17.	Balance Carried forward				236.09	177.82
	18.	Paid-up Equity Share Capital ( Face value Rs. Ten per Share )	550.22	550.22	550.22	550.22	550.22
	19.	Reserves excluding revaluation reserves (as per Balance Sheet)				3265.82	3367.46
	20.	Basic and Diluted E.P.S ( not annualised) for the period (Rs.)	2.37	4.83	4.60	7.21	6.04
	21.	Aggregate of Non-promoter Shareholding
		No. of shares	2850262	2850262	2850262	2850262	2850262
		% of shareholding	51.80	51.80	51.80	51.80	51.80
							……………2
	-2-
	AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT  FOR THE YEAR ENDED MARCH 31, 2005
							Rs. in lakhs
			Nine months
			ended	Quarter ended		Year ended
	Sl.		Dec.31, 2004	March 31, 2005	March  31, 2004	March  31, 2005	March  31, 2004
	No.	Particulars	(unaudited)	(unaudited)	(unaudited)	(Audited)	(Audited)
	1.	Segment Revenue (Net sales)
		a)     Projects & Services	10219.66	4863.00	8024.50	15082.66	14118.88
		b)     Products & Services	4829.87	2453.16	2686.15	7283.03	5415.26
		Total	15049.53	7316.16	10710.65	22365.69	19534.14
		Less : Inter segment revenue	1604.32	755.12	1261.60	2359.44	2190.32
		Net Sales from operations	13445.21	6561.04	9449.05	20006.25	17343.82
	2.	Segment Results (Profit (+)/Loss (-) before tax and interest from each segment)
		a)     Projects & Services	114.81	253.56	296.40	368.37	558.58
		b)     Products & Services	419.92	296.60	155.13	716.52	180.25
		c)     Port & Yard Equipment / Services
		d)     EPC /  EPCM
		Total	534.73	550.16	451.53	1084.89	738.83
		Less :   i) Interest	292.22	118.85	64.86	411.07	211.97
		ii) Other unallocable expenditure	10.43	3.05	(0.27)	13.48	(2.58)
		( net of unallocable income)
		Total Profit Before  Tax	232.08	428.26	386.94	660.34	529.44
	3.	Capital Employed
		( Segment assets- Segment Liabilities)
		a)     Projects & Services	7462.86	7477.49	6402.20	7477.49	6402.20
		b)     Products & Services	2167.02	2652.46	1832.99	2652.46	1832.99
		Total	9629.88	10129.95	8235.19	10129.95	8235.19
	Notes :
	1.	Capital employed includes Sundry Debtors of Rs. 5.7 crores, which are under arbitration along with Company's other claims. The Auditors
		have commented that in view of uncertainties of matters under arbitration involving technical issues,  they are unable to assess the final
		outcome and therefore unable to express an opinion on the recoverability of the debts. As the Company has a very strong case,
		aforesaid debts have been considered good by the Company.
	2.	Consequent to the confirmation by the Hon'ble High Court of Judicature at Ranchi of the restructuring scheme approved by the shareholders
		at the Extra-ordinary General Meeting held on December 29, 2003, the impact of restructuring have been given effect to from April 1, 2004.
		As a result, reserves and surpluses, excluding revaluation reserves as on   April 1, 2004, have come down by Rs.309.91 lakh, with
		corresponding decrease in Misc. Expenditure to the extent not written off.
	3.	The Board of Directors have recommended a dividend of Rs.3.00 ( 30 %) on each equity share for the year 2004-05.
	4.	There were no investor complaints pending at the beginning of the quarter. 23 investor complaints were received during the quarter
		January- March out of which 22  have been resolved  during the quarter . Balance one complaint, received during last week of march 2005,
		has also since been resolved.
	5.	Figures for the previous periods have been regrouped and reclassified to conform with the classification of the current period,
		wherever necessary.
		The above financial results were approved by the Board of Directors at their meeting held on April 28, 2005.
					For and on behalf of the Board
					Santosh K. Gupta
	Mumbai, April 28, 2005				Managing Director
Regd. Office:
11, Station Road, Burma Mines,
Jamshedpur - 831 007